Customers of insurance and reinsurance brokerage firm Aon Corporation are set to benefit from a ground-breaking new deal.

Aon has announced that key management liability insurance markets in Bermuda have agreed for the first time to accept a single excess policy form from Aon for quota-share agreements, reducing the risk of insurance gaps, redundant coverage and conflicting language for clients, while creating a streamlined process for the benefit of insureds.

The policy is also available for single carrier layers in certain situations.

Total limits available are potentially up to $100 million cumulatively and can be utilised for Directors & Officers, Employment Practices and Fiduciary Liability, or in some cases Professional Liability or Crime, including combinations of all.

This new process - currently available to Aon clients through Allied World Assurance Company Ltd, AXIS Specialty Limited, Endurance Specialty Insurance Ltd and other prominent Bermuda capacity - also eliminates the need for a separate warranty or reliance statement for each excess insurer, while precluding the issuance of separate and inconsistently worded exclusions or similar types of conflicting or redundant language.

"Aon has been working with insurers in Bermuda for some time to come to agreement on a single excess policy form," said Joe Rego, president and chief operating officer of Aon Bermuda. "This agreement further allows Aon to provide distinctive value for our clients by simplifying the quota-share process in an unprecedented way."

The resulting excess policy form, including the declarations page and quota-share endorsement, can be utilised under Aon-headed documentation, producing a far greater degree of certainty on behalf of clients.